Bank Of China

Bank of China's Carbon Emissions & Climate Commitments

In 2024, Bank of China reported its Scope 1 emissions as 77,288,000 kg CO2e, Scope 2 emissions as 1,138,311,000 kg CO2e, and a partial Scope 3 emission of 11,592,000 kg CO2e for waste generated in operations. This is a reduction from 2023, where Scope 1 emissions were 84,740,000 kg CO2e and Scope 2 emissions were 1,509,353,000 kg CO2e.

Bank of China has set several climate commitments:

• Near-term targets:
  • To achieve operational carbon neutrality within its jurisdiction before 2030 (applicable to BOC London Branch and BOC (UK)), with a plan to reduce greenhouse gas emissions year by year.
  • BOCHK aims for carbon-neutral operations by 2030.
  • A 40% absolute carbon emissions reduction target for both Scope 1 and Scope 2 emissions by 2025, from a 2019 baseline.
  • The bank will cease financing new coal mining and coal power projects outside of China from Q4 2021, with exceptions for existing contracts.
• Long-term targets:
  • A 50% reduction in Scope 1 emissions by 2050 from a 2020 baseline.
  • A 50% reduction in Scope 2 emissions by 2050 from a 2020 baseline.